New Issue: PPL Capital Funding prices $500 million 4% 30-year notes at 135 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Sept. 6 – PPL Capital Funding Inc. priced $500 million of 4% 30-year senior notes (Baa2/A-) on Wednesday at 98.792 to yield 4.07% and a spread of Treasuries plus 135 basis points, according to an FWP filing with the Securities and Exchange Commission.

Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch and Scotia Capital (USA) Inc. were the bookrunners.

The notes will be guaranteed by PPL Corp.

Proceeds will be used to repay short-term debt, including commercial paper borrowings, and for general corporate purposes.

The energy and utility holding company is based in Allentown, Pa.

Issuer:	PPL Capital Funding Inc.
Guarantor:	PPL Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	Sept. 15, 2047
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch and Scotia Capital (USA) Inc.
Co-managers:	BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
Coupon:	4%
Price:	98.792
Yield:	4.07%
Spread:	Treasuries plus 135 bps
Call features:	Make-whole call at greater of par and Treasuries plus 25 bps before March 15, 2047; thereafter at par
Trade date:	Sept. 6
Settlement date:	Sept. 8
Ratings:	Moody’s: Baa2
	S&P: A-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.